IDBI Bank asked to begin insolvency resolution on Lanco lnfratech

Mumbai, June 17 (IANS) Infrastructure major Lanco lnfratech (LITL) on Saturday said that the Reserve Bank of India (RBI) has directed its lead lender IDBI Bank to initiate corporate insolvency resolution process (CIRP) on the company.

"RBI directed IDBI Bank, the lead bank of LITL to initiate CIRP for LITL under the Insolvency and Bankruptcy Code, 2016," the company said in a regulatory filing to the BSE.

"The amounts mentioned in above referred letter shall be read as Rs 8,146 crore for fund based outstanding exposure and Rs 3,221 crore for non-fund based outstanding exposure as on March 31, 2016."

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